Chase Investment Counsel Corp Trims Position in Intercontinental Exchange Inc (ICE)

Chase Investment Counsel Corp cut its stake in Intercontinental Exchange Inc (NYSE:ICE) by 4.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 47,530 shares of the financial services provider’s stock after selling 2,380 shares during the quarter. Intercontinental Exchange makes up 1.8% of Chase Investment Counsel Corp’s portfolio, making the stock its 25th biggest holding. Chase Investment Counsel Corp’s holdings in Intercontinental Exchange were worth $3,353,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. IHT Wealth Management LLC increased its stake in shares of Intercontinental Exchange by 10.8% in the second quarter. IHT Wealth Management LLC now owns 185 shares of the financial services provider’s stock worth $101,000 after acquiring an additional 18 shares during the last quarter. SeaCrest Wealth Management LLC acquired a new position in Intercontinental Exchange during the fourth quarter worth $122,000. Cerebellum GP LLC acquired a new position in Intercontinental Exchange during the fourth quarter worth $127,000. Americafirst Capital Management LLC acquired a new position in Intercontinental Exchange during the third quarter worth $145,000. Finally, Calton & Associates Inc. acquired a new position in Intercontinental Exchange during the fourth quarter worth $173,000. 90.30% of the stock is currently owned by institutional investors and hedge funds.

Intercontinental Exchange Inc (NYSE:ICE) traded down $0.23 during mid-day trading on Wednesday, reaching $68.89. 172,717 shares of the company’s stock were exchanged, compared to its average volume of 2,816,496. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.99 and a quick ratio of 0.99. Intercontinental Exchange Inc has a one year low of $56.97 and a one year high of $76.14. The company has a market capitalization of $39,945.38, a PE ratio of 16.27, a price-to-earnings-growth ratio of 2.42 and a beta of 0.66.

Intercontinental Exchange (NYSE:ICE) last released its quarterly earnings results on Wednesday, February 7th. The financial services provider reported $0.73 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.72 by $0.01. Intercontinental Exchange had a net margin of 43.09% and a return on equity of 10.83%. The company had revenue of $1.14 billion during the quarter, compared to analysts’ expectations of $1.15 billion. During the same period in the prior year, the company earned $0.71 earnings per share. The business’s quarterly revenue was up .5% compared to the same quarter last year. equities analysts forecast that Intercontinental Exchange Inc will post 3.54 earnings per share for the current fiscal year.

Intercontinental Exchange announced that its board has authorized a stock buyback plan on Thursday, November 2nd that authorizes the company to repurchase $1.20 billion in shares. This repurchase authorization authorizes the financial services provider to reacquire up to 3.1% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

The company also recently declared a quarterly dividend, which will be paid on Friday, September 28th. Shareholders of record on Thursday, September 13th will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 1.39%. The ex-dividend date is Wednesday, September 12th. Intercontinental Exchange’s dividend payout ratio (DPR) is 18.87%.

In related news, insider Dean S. Mathison sold 1,042 shares of the stock in a transaction dated Tuesday, January 23rd. The shares were sold at an average price of $75.79, for a total value of $78,973.18. Following the completion of the sale, the insider now owns 12,485 shares in the company, valued at $946,238.15. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Scott A. Hill sold 7,526 shares of the stock in a transaction dated Friday, January 12th. The shares were sold at an average price of $75.00, for a total transaction of $564,450.00. Following the completion of the sale, the chief financial officer now owns 202,371 shares of the company’s stock, valued at approximately $15,177,825. The disclosure for this sale can be found here. Insiders have sold 48,910 shares of company stock valued at $3,579,672 over the last 90 days. Corporate insiders own 1.50% of the company’s stock.

Several equities analysts have commented on ICE shares. Bank of America lowered their target price on shares of Intercontinental Exchange from $83.00 to $82.00 and set a “buy” rating on the stock in a research report on Thursday, February 8th. Argus reissued a “buy” rating and set a $67.00 target price (down from $80.00) on shares of Intercontinental Exchange in a research report on Friday, February 9th. Citigroup increased their target price on shares of Intercontinental Exchange from $75.00 to $77.00 and gave the stock a “neutral” rating in a research report on Friday, November 3rd. UBS Group increased their target price on shares of Intercontinental Exchange from $73.00 to $80.00 and gave the stock a “buy” rating in a research report on Friday, November 3rd. Finally, Berenberg Bank started coverage on shares of Intercontinental Exchange in a research report on Thursday, January 25th. They set a “buy” rating and a $90.00 target price on the stock. Three equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Intercontinental Exchange presently has a consensus rating of “Buy” and an average target price of $76.08.

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Intercontinental Exchange Profile

Intercontinental Exchange Inc, formerly IntercontinentalExchange Group, Inc, is a network of regulated exchanges and clearing houses for financial and commodity markets. The Company delivers transparent and accessible data, technology and risk management services to markets around the world through its portfolio of exchanges, including the New York Stock Exchange, ICE Futures, Liffe and Euronext.

Institutional Ownership by Quarter for Intercontinental Exchange (NYSE:ICE)

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